In the press: Report backs innovation deal for Wales
Growing Value Wales calls for national ‘compact’
A new pact between universities, business and government is urgently needed to speed up innovation in Wales, according to a report published today.
Analysis published by National Centre for Universities and Business says Wales needs a shared sense of common purpose to quickly turn research into products, processes and spin-out companies that grow prosperity.
It argues a global shift towards data analytics, quantum computing and Artificial Intelligence, has sharpened the need to bind administrators, academics and entrepreneurs together to foster future prosperity.
Creative Cardiff and BAFTA Cymru VR
‘Making the Connection - a New National Innovation Compact for Wales’ calls for greater Quality Research (QR) funding from Welsh Government to bring ideas to market. Published by the Growing Value Wales Task Force – a group of experts established in 2016 - the report highlights the need for:
The report has been led by Professor Colin Riordan, President and Vice-Chancellor of Cardiff University, and Dr Drew Nelson, President and Chief Executive Officer of Cardiff-headquartered IQE PLC – the global leader in the design and manufacture of advanced semiconductor wafer products.
“Stakeholders in Wales must come together in a spirit of co-production to promote self-reliance as a proud nation, and to find ways of taking advantage of the opportunities in post-Brexit Britain,” said Professor Riordan.
“Wales needs to be able to compete on a global scale after Brexit, bringing creative ideas to market and developing new ways of working. We can only do this if we have the right team for Wales with the same shared values and a sense of common purpose.”
“In particular, it is vital to ensure that the key actors in the Welsh Government, the City Regions, the Local Authorities, in Westminster, in business and industry and in our universities and colleges take a coordinated and strategic view of the opportunities that will exist.”
Dr Nelson added: “Funding streams such as the Industrial Strategy Challenge Fund, City/Region Deals, the pledged UK Shared Prosperity Fund, UK Research and Innovation (UKRI) and Welsh Government innovation initiatives will be more powerful, transformational and effective for the Welsh economy if the various agencies and actors involved co-ordinate their efforts.”
The report calls for a National Innovation Compact that is enduring (five years minimum) and reports back to an Innovation Compact Commission, composed of leaders drawn from across the Welsh spectrum of government, businesses, public and third sector, as well as vice-chancellors and heads of schools and colleges.
Professor Graeme Reid led a review of research and innovation for the Welsh Government.
“There are some wonderful relationships between businesses and universities in Wales. This report provides the vision to create even more of them and make them even better.”
David Docherty, Chief Executive of the National Centre for Universities and Business, said: “Since the NCUB’s Growing Value Wales Task Force brought together senior leaders in 2016, the economic landscape has radically shifted, both in the context of Brexit and in terms of global trends driven by technology.
“In Wales, a new Economic Prosperity plan has been launched, City Deals are being agreed and funding arrangements for higher education and research and innovation are in flux. There’s never been a better time to work with a shared sense of common purpose to build wider prosperity.”
Notes for Editors
Cardiff University is recognised in independent government assessments as one of Britain’s leading teaching and research universities and is a member of the Russell Group of the UK’s most research intensive universities. The 2014 Research Excellence Framework ranked the University 5th in the UK for research excellence. Among its academic staff are two Nobel Laureates, including the winner of the 2007 Nobel Prize for Medicine, Professor Sir Martin Evans. Founded by Royal Charter in 1883, today the University combines impressive modern facilities and a dynamic approach to teaching and research. The University’s breadth of expertise encompasses: the College of Arts, Humanities and Social Sciences; the College of Biomedical and Life Sciences; and the College of Physical Sciences and Engineering, along with a longstanding commitment to lifelong learning. Cardiff’s flagship Research Institutes are offering radical new approaches to pressing global problems.
About The National Centre for Universities and Business (NCUB)
Inspiring universities and business to work together for growth and prosperity.
As a membership not-for-profit organisation, the National Centre brings together leaders from across higher education and business to tackle issues of shared interest.
A National Centre Task Force convenes leaders from universities, government and business to focus on a particular economic sector or issue. The GVW Taskforce builds on the work of the UK-wide Enhancing Value Task Force that fed into the science policy and spending review of 2012 and Growing Value Scotland and its legacy programme Growing Potential: Scotland’s Innovation Step-Change, exploring how universities, business and government partner to enable a step-change in business R&D and innovation.